FINANCIAL UPDATE

07/17/23

We have been in a process to sell 4.0910 acres from our 14.3064 acre property on Harlem Rd at a sale price of $999,724.00. On May 16th we closed our sale with Johnson Development. Since that time we have been working with Amegy, our mortgage lender, to finalize the Modification of our Loan Terms. We signed the finalized terms today. Below is a summary of the sale information and loan modification terms.

As part of the Modification to our Loan Terms, Amegy is requiring that we set aside $200,000 in an unaccessible secured account that will be used to pay the final balance of our mortgage when the principal is reduced to that amount. As a result of the sale, our current mortgage is now below $400,000 and our monthly payments have been reduced by 47%.

Our landlord for our current church building on Eldridge Rd had graciously allowed us to defer payment of our rent. We utilized the remaining net revenue from the sale to become current on our rent payments.

09/30/22

Over the past year we have shared financial updates regarding how our church has been impacted by Covid-19. In August we shared that all options were on the table including the sale of our property on Harlem Rd and that we were seeking to sell a portion of that property.

Since that time we have entered negotiations with Johnson Development for the sale of 4 of our 14 acres. On Monday, September 19 we agreed on terms and executed a Letter of Intent with Johnson Development for 4 acres.

This is a huge blessing for our church and will help us to continue to grow and move forward with establishing a home base in Harvest Green. Negotiations continue until this sale is finalized therefore, we will share more details and updates after this sale closes.

Join us in celebrating God’s continued faithfulness to Crossbridge Church.

12/05/21
On Sunday Chuck shared a Financial Update with the church and called us to pray for God to move in a tangible financial way.

Watch the video to hear the message and please join us in prayer.

You can send any questions you have regarding this issue to our Elders at elders@crossbridge.cc

PENDING ITEMS

Milestones that are listed as PENDING are waiting on the completion of items that are listed as IN PROGRESS.

IN PROGRESS

08/19/2021
We have finished plans and have submitted them to the bank. We now begin the back and forth needed to get the bank all the information they need to schedule a close date.

07/14/2021
We have an address! We have been assigned the address listed below and are working to get it registered with the county and on search engines. Please note that this is a new address so you may not see it on Google Maps or other search engines yet.

2403 Harlem Rd
Richmond, TX 77406

06/30/2021
We have submitted our plans to the Harvest Green ARC (Architectural Review Committee) and they have provided initial feedback. We are currently in the process of making those changes so that we can resubmit to the ARC. We are also in the process of finalizing our bid package so that the bank can properly appraise the project for our loan.

COMPLETED ITEMS

07/2021
This page was created in July 2021 to improve communication regarding the status of the building project. Previously, communication regarding all completed items was sent via the weekly update. Instead of restating all of those updates we will simply give some detail on the last completed item.

Steel Down Payment
We have completed structural plans and placed a down payment on steel for the building. Once we close on the loan we will schedule a date to receive shipment of steel.

LOCATION

The property is located at the intersection of Harlem Rd and Harvest Home across the street from James Bowie Middle School.
This is in the Harvest Green subdivision in Richmond, Texas.